Sitechnics Limited Filleted accounts for Companies House (small and micro)

SITECHNICS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03436243

Sitechnics Limited

Filleted Unaudited Abridged Financial Statements

30 September 2017

Sitechnics Limited

Abridged Statement of Financial Position

30 September 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		268,861	318,160

Current assets

Debtors	579,157	333,053
Cash at bank and in hand	342,705	453,321
	---------	---------
	921,862	786,374

Creditors: amounts falling due within one year	546,000		612,481
	---------		---------
Net current assets		375,862	173,893
		---------	---------
Total assets less current liabilities		644,723	492,053

Creditors: amounts falling due after more than one year		225,325	105,312

Provisions

Taxation including deferred tax	12,895	20,413
	---------	---------
Net assets	406,503	366,328
	---------	---------

Capital and reserves

Called up share capital	2	2
Revaluation reserve	83,416	83,416
Profit and loss account	323,085	282,910
	---------	---------
Shareholders funds	406,503	366,328
	---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged income statement has not been delivered.

For the year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged income statement and the abridged statement of financial position for the year ending 30 September 2017 in accordance with Section 444(2A) of the Companies Act 2006.

Sitechnics Limited

Abridged Statement of Financial Position (continued)

30 September 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 30 June 2018 , and are signed on behalf of the board by:

Mr G O Mills

Director

Company registration number: 03436243

Sitechnics Limited

Notes to the Abridged Financial Statements

Year ended 30 September 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Technics House, Merrow Business Centre, Merrow Lane, Guildford, Surrey, GU4 7WA.

2. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Deferred income

Deferred income is calculated to ensure that income is allocated to the period in which it is earned.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015.

Revenue recognition

The turnover shown in the profit and loss account represents amounts earned during the period, exclusive of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% reducing balance
Fixtures and fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 23 (2016: 22 ).

4. Tangible assets

	£
Cost
At 1 October 2016	1,121,212
Disposals	( 30,333)
	------------
At 30 September 2017	1,090,879
	------------
Depreciation
At 1 October 2016	803,052
Charge for the year	43,262
Disposals	( 24,296)
	------------
At 30 September 2017	822,018
	------------
Carrying amount
At 30 September 2017	268,861
	------------
At 30 September 2016	318,160
	------------

5. Related party transactions

Included within other creditors is a balance of £nil (2016: £900) owed to Mills Simmonds, a partnership between Mr G O Mills and Mr C M Simmonds. This balance is unsecured and interest free, with no fixed repayment terms. Mr G O Mills received rent of £15,500 from the company during the year (2016: £13,333). A net balance of £67,594 is owed to Subtechnics Limited, a company in which director Mr G O Mills has an interest (2016: £16,743 owed by Subtechnics Limited). This balance is unsecured and interest free, with no fixed repayment terms. Sitechnics Limited received sales of £220,855 from Subtechnics Limited during the year (2016: Sitechnics received sales of £195,508 from Subtechnics Limited) and paid subcontractor fees of £7,814 to Subtechnics Limited (2016: Sitechnics Limited paid £4,030 in subcontractor fees). The company was under the control of Mr G O Mills throughout the current and previous year. Mr G O Mills is the managing director and 100% shareholder.